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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 18 <br />2025CNA112 <br />minimal new retail is being added to the market. This is true both in Redwood <br />City and the larger Bay Area. Following the Pandemic, many of the hotel <br />proposals were never built. <br />Redwood City (and the Bay Area in general) is an undersupplied housing market. <br />Demand for housing is expected to continue in the long-term, with increased <br />demand for higher density housing options, a result of the scarcity of developable <br />land and the more affordable nature for prospective buyers/renters. Residential <br />market conditions in San Mateo County market have slowed over the last two <br />plus years months due primarily to elevated interest rates. That said, median <br />selling prices did not decline significantly, and in fact, recently increased to 2022 <br />levels. Market participants report minimal remaining available land for residential <br />development in the local market, which has created few sale data points and has <br />generally kept pressure and the pricing of residential sites. Most market-rate <br />residential projects are not being constructed due to ongoing concerns with high <br />interest rates and supply-chain issues. Recently, the uncertainty on tariffs for raw <br />materials places additional risk on new development. <br />Overall, market conditions are considered stable for the subject property with <br />long-term outlook considered positive. <br />8.K. - Page 65 of 105 <br />315